LONDON (ShareCast) - (ShareCast News) - Custom plastic and paperboard packaging manufacturer Robinson announced its audited results for the year to 31 December on Friday, with revenue decreasing by 6% to £27.5m.
The AIM-traded firm did point out that there was a £0.8m increase in that figure, however, due to foreign exchange movements.

Volumes were reportedly down by 8%, and as a result, the operating profit before exceptional items was £1.4m, falling from £2.4m.

The final Madrox earn out was paid during the period, at £4.3m, resulting in net borrowings of £4.9m at the year end.

Post period end, Robinson confirmed outline planning permission for two "significant" development sites.

The board recommended a final dividend for the year of 3p per share - in line with 2015 - taking the total dividend declared for 2016 to 5.5p, also in line with 2015.

"Although we anticipated a difficult market in 2016, we had expected growth from new business in the pipeline," said chairman Richard Clothier.

"However, with the full year effect of previously reported lost business and new product introductions delayed by our customers, overall sales volumes declined."

At the same time, Clothier said the board had undertaken a strengthening of its management team to deliver future growth and this has inevitably resulted in higher operating costs.

"We expect the new business will return the company to growth in 2017."

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